Advantage (or disadvantage) to putting now adult children names on deed

mimmiepnp

DIS Veteran
Joined
Jun 1, 2008
This is just a curiosity question.

My children and I travel 2-3 times per year to WDW.
I am debating whether or not I should add my now over 21 unmarried children ( who do not live with me) to my contracts and go thru the hassle of changing the deeds/title.
What are the advantages and disadvantages (if any) to doing this??

I am really just deciding if I should do it or not since I am the sole person listed on the deeds.

Thank you :)
 
As members they get the perks of being a member. The negative side is that if they get into a financial bind this is an asset for them too. Same if they are married and get divorced. Again also their asset. We have 5 adult children between us and only one is listed as a member/owner on our contracts. That says a lot.
 
Disadvantage: It becomes an asset for them. May factor in student aid. Liens can be placed against it if they are in debt. It can be a factor in a bankruptcy. It may be considered a marital asset should they marry (and any subsequent divorce). Unless things are well-written, it can go to their heirs in an event of death, potentially splitting the asset multiple additional ways or forcing other owners to buy out the interest.

Also, if on it, anyone can use it without permission from the others. This can be a source of conflict. Or it can be an advantage.
 


This is just a curiosity question.

My children and I travel 2-3 times per year to WDW.
I am debating whether or not I should add my now over 21 unmarried children ( who do not live with me) to my contracts and go thru the hassle of changing the deeds/title.
What are the advantages and disadvantages (if any) to doing this??

I am really just deciding if I should do it or not since I am the sole person listed on the deeds.

Thank you :)
I agree with the info overall, there are 2 sides to this. What is the ultimate goal, to give them perks or for long term transition of ownership? I'm guessing perks. IF so, it really depends on what you own in terms of home resort and number of points. Do you own more than one contract and could change part? Or you could buy 25 retail and change that one. Either way you'd end up with a separate master but you'd have some protections and they'd still get the perks.
 
This is definitely all something to consider. I am now thinking of just changing the deed on a small 60 point contract to be on the safe side. You never want to think that bad things can happen but I definitely don't want to risk my beloved dvc points!! Thanks for all the responses and the insight!
 
We have two DVC contracts and added our adult daughter to one of the contracts for the purpose of getting her own DVC membership. We spent a bit over $100 in producing and filing the required paperwork. (About half of that total went to a legal internet site that generated the Quit Claim/Gift Deed that you could probably do on your own.) Since it was our property, I felt a title search and insurance could be foregone. I estimate it took about 6 weeks starting with applying for ROFR waiver from DVD to receiving new membership cards.

In addition to the pitfalls listed above, I now need to manage my two DVC contracts (same resort, same use year) separately because they are titled differently. I now need to think about banking/borrowing/transfer that I did not need to consider before.
 


Any owner can call up and make use of the points - make and cancel reservations, transfer points. Disney will not get involved in matters between owners.
 
For the comments about disputes among owners, etc.; it really depends on your relationship with your kids. Starting 30+ years ago, my parents have put various combinations of me and my sister on timeshare deeds that they've bought. Granted, they're not DVC, but we never would have booked something without our parents' ok first. And as my parents have gotten older, my sister has used them more, and helped them with booking, all with their consent.

As for it being considered property in the event of a divorce, that's something that can be addressed in a prenuptial or even postnuptial agreement with the kid getting married and their future spouse.
 
For the comments about disputes among owners, etc.; it really depends on your relationship with your kids. Starting 30+ years ago, my parents have put various combinations of me and my sister on timeshare deeds that they've bought. Granted, they're not DVC, but we never would have booked something without our parents' ok first. And as my parents have gotten older, my sister has used them more, and helped them with booking, all with their consent.

As for it being considered property in the event of a divorce, that's something that can be addressed in a prenuptial or even postnuptial agreement with the kid getting married and their future spouse.
As for addressing it in a protective way, it'd depend on how it's done, if it's done and the state in question. It's not as much the kids as the next level including ? spouses. We've done it with out smaller contract but not with everything and with one but not both kids on that one.
 
I am in the closing process right now....I added my adult son...but he doesn't know he is added. He won't know it - unless I...well you know.

He'll find out when I'm gone. That said, does anyone see any issues with this scenario?
 
This still becomes his property and if he marries, but then divorces it still is part of his assets regardless if he knows or not. Of course bankruptcy always comes into play for all on the deed. No one can predict the future, you just have to decide whether you want to take the chance. I've probably mentioned before, we have several adult kids, but only 1 is added to our deed(s). Enough said.
 
I am in the closing process right now....I added my adult son...but he doesn't know he is added. He won't know it - unless I...well you know.

He'll find out when I'm gone. That said, does anyone see any issues with this scenario?
Sure lot's of issues. He may need to know for the perks. This will be applicable for FAFSA and will be an asset if he has financial issues. That said, we've done it for one but not both but only for the smaller points amount.
 
I'm not an expert in the field or anything close to it, but if you're just worried about your DVC interest if something happens to you, you could look into moving your DVC interest into a living trust of some sort. It won't give your adult kids ownership, but it helps avoid probate issues. This does sort of segway into a broader estate planning situation. Setting up a living trust is something I keep meaning to look into as my wife and I's family situation is.... complicated and we want specific things to happen if something happens to us that wouldn't probably happen in a probate court.
 
I am in the closing process right now....I added my adult son...but he doesn't know he is added. He won't know it - unless I...well you know.

He'll find out when I'm gone. That said, does anyone see any issues with this scenario?

HI MOM, caught you. Just kidding couldn't resist
 
Sure lot's of issues. He may need to know for the perks. This will be applicable for FAFSA and will be an asset if he has financial issues. That said, we've done it for one but not both but only for the smaller points amount.
Dean...we have 3 contracts all purchased direct years ago....170 at one resort and 100 and 50 at another.

Our plan was to add my son to one resort and daughter to another...but my son just went through a divorce and his finances are iffy so I don't want to add him just yet. If we add my daughter to a resort will we then not have the ability to book at 7 months combining both resorts points since the 2 resorts will be titled differently ?
 

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